Small States

Economic Review and Basic Statistics, Volume 4

image of Small States
This economic review of small states examines the main characteristics and development problems encountered by these countries and assesses their recent economic performance in terms of major macroeconomic trends. Two other articles are also included: (1) an overview of vulnerability issues; and (2) the derivation of a composite index of the vulnerability of small states. These two subjects are highly topical for small states, in view of challenges posed to their economies by globalisation and changes in international trade regimes.

To maintain the continuity of the statistical series, the country coverage or country groupings based on income, used in previous issues of this publication have not been changed. However, in order to facilitate more indepth analysis of development issues, the expanded time-series data on key variables as well as additional information have also been given. This issue, therefore, consists of 51 tables instead of the 48 included in the previous publication.



Recent Economic Trends in Commonwealth Small States

Notwithstanding the Asian financial crisis, the world economy grew by 3.2 per cent in 1997 largely owing to continued strong growth in the US and the UK, strong recovery in Canada, and a revival of economic activity in continental Europe (see Chart 1.1). The steep fall in oil prices and a moderate decline in commodity prices helped to keep world inflation subdued. This together with stable exchange rates, except in certain key Asian economies, resulted in low real interest rates.


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